11:39 AM EST - Tiomin Resources Inc. : announced an agreement with Freegold Ventures Limited to acquire a 19.99% equity interest in Freegold, a promising gold exploration company with properties in Alaska, by converting about 66% of the $2.33-million U.S. bridge loan, including accrued interest and fees, owed by Freegold to Tiomin into 16.71 million common shares of Freegold. In addition, Freegold will transfer to Tiomin one million of the five million common shares of Western Standard Metals Limited to be received by Freegold in exchange for Freegold's Almaden Gold Project in Idaho. Western Standard will also assume the about $3 million U.S. of debt owed by Freegold to the senior bridge lender, relieving Freegold of this debt obligation. Tiomin will also nominate a director of Freegold. On September 4, 2009 Freegold closed at $0.14 per share and Western Standard closed at $0.275 per share. Tiomin Resources Inc.
shares T.TIO are trading even at $0.04.
